Yes, yes, yes, yes, yes!
Filing bankruptcy is a very serious thing.
The bankruptcy laws allow you to keep items as exempt…that means that your creditors can not take them. Your lawyer files your bankruptcy case and lists your exempt assets. However, if you are not truthful with your attorney, the attorney can not claim the property as exempt and then you may loose the ability to claim the property as exempt. You may also be accused of committing perjury and therefore not be entitled to a discharge of your debts in your bankruptcy case.
Remember, Bill Clinton got impeached (not for inappropriate behavior with Monica Lewinski) but for lying to Congress about it.
Remember, Martha Stewart went to prison (not for securities fraud) but for lying about it.
Don’t think you are smarter than your attorney and therefore don’t need to tell your attorney about your assets, your creditors or any transfers of property that you have made before your bankruptcy case is filed.
Please don’t think you can hide your assets by transferring them to your friends or relatives before you file your bankruptcy case and then not telling your attorney about these transfers.
You are not smarter than Martha Stewart and you are definitely not smarter than Bill Clinton! He was the President of the United States! Don’t even get me started about Lance Armstrong!
Remember what your mother always told you….”honesty is the best policy”.
I have so many clients that tell me as I am finalizing their case for filing…..can I tell you about one little thing that is probably not important……That is when I stop what I am doing and try to fix whatever the client thought they could fix without me.
If you were sick and went to the doctor to be “cured”, you would be honest with your doctor….right? If you are financially “ill” and need a bankruptcy to get you back on the road to financial health, be honest with your attorney, disclose everything! Your mama was right, “Honesty is the best policy!”